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Political party caucus updates
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Today’s Democratic Party (DP) Caucus session focused on amendments to the Banking Law, compliance, and issues related to delays in implementing legal procedures. According to an official source, the resignation of the caucus leader, D. Ganbat, has not been finalized, and an announcement will be made after the meeting. The Mongolian People’s Party (MPP) Caucus met last week to discuss a Cabinet proposal on the suspension of some state inspections that was submitted to Parliament in April to support businesses facing pressure from state inspections. A parliamentary working group was set up to review the proposal. Discussions will continue in Parliament due to differences of opinion among MPs.
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President of Mongolia U. Khurelsukh meets with former Mongolian presidents
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President of Mongolia and Chairman of the National Security Council U. Khurelsukh met with Mongolia’s former presidents P. Ochirbat, N. Bagabandi, N. Enkhbayar, Ts. Elbegdorj, and Kh. Battulga. They exchanged views on the country’s economic situation and national and international relations. It was agreed that the National Security Council should monitor the nation’s security, unity, and foreign and domestic policy.
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The Republic of Korea to cooperate in Mongolian logistics and construction projects
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Chairman of the Mongolia-Korea Parliamentary Group MP J. Munkhbat and MP G. Munkhtsetseg met with National Assembly Member Kim Young Joo on May 5. During the meeting, Assemblywoman Kim shared Korea’s experience in implementing major infrastructure projects and programs in harsh climate conditions and expressed readiness to cooperate in transportation, logistics, and construction. MP J. Munkhbat expressed satisfaction with the current development of bilateral relations in all social and economic spheres, with hopes to introduce more of Korea’s experience and advanced technology to Mongolia.
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Copper prices continue to fall
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Copper prices have been falling for the last five weeks, the most prolonged decline since 2020. Restrictions resulting from the COVID-19 situation in China and U.S monetary policy pose a great risk to Mongolia. Analysts at Commerzbank AG predict that China’s continuing embargo will hurt economic growth and demand for metals. Prices for major metals fell on the London Metal Exchange. Copper fell 0.8 percent, valued at 9,414 a ton, aluminum fell by 2.5 percent, and zinc by 3.4 percent.
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